According to Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, the mechanics of a market-regulated pricing strategy are to blame for the most recent spike in gasoline pump prices.
After a private meeting with Vice President Kashim Shettima at the State House in Abuja, Kyari spoke to the media.
“They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.”
Kyari dismissed claims that the increase in the pump price is due to a short supply of petroleum product in the country.
“No, there is no supply issue. It is not a supply issue. When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues. We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem,” he explained.